Note 1.    Organization and Basis of Presentation

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Organization

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Global Partners LP (the “Partnership”) is a master limited partnership formed in March 2005. The Partnership owns, controls or has access to a large terminal network of refined petroleum products and renewable fuels—with connectivity to strategic rail, pipeline and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. The Partnership is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”) and Maryland and Virginia. As of June 30, 2026, the Partnership had a portfolio of 1,505 owned, leased and/or supplied gasoline stations, including 286 directly operated convenience stores, primarily in the Northeast, as well as 69 gasoline stations located in Texas that are operated or supplied by the Partnership’s joint venture, Spring Partners Retail LLC (“SPR”). The Partnership is also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. The Partnership engages in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane and in the transportation of petroleum products and renewable fuels by rail from the mid-continent region of the United States and Canada.

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Global GP LLC, the Partnership’s general partner (the “General Partner”), manages the Partnership’s operations and activities and employs its officers and substantially all of its personnel, except for most of its gasoline station and convenience store employees who are employed by Global Montello Group Corp. (“GMG”), a wholly owned subsidiary of the Partnership and for substantially all of the employees who primarily or exclusively provide services to SPR, who are employed by SPR Operator LLC (“SPR Operator”), also a wholly owned subsidiary of the Partnership.

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The General Partner, which holds a 0.67% general partner interest in the Partnership, is owned by affiliates of the Slifka family. As of June 30, 2026, affiliates of the General Partner, including its directors and executive officers and their affiliates, owned 4,266,584 common units, and the General Partner held 146,584 common units on behalf of the Partnership pursuant to its repurchase program for future Long-Term Incentive Plan (“LTIP”) obligations, representing in the aggregate a 13.0% limited partner interest.

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2026 Events

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Redemption of Series B Preferred Units—On July 30, 2026, the Partnership redeemed all of its outstanding Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) at a redemption price of $25.00 per unit, plus a $0.49479167 per unit cash distribution for the period from May 15, 2026 through July 29, 2026. Effective July 30, 2026, the Series B Preferred Units are no longer outstanding. See Note 12 for additional information.

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Credit Agreement Accordion Exercise—On March 13, 2026, the Partnership and the lenders under the Partnership’s credit agreement agreed to, pursuant to the terms of the credit agreement, (i) exercise the accordion feature included in the credit agreement, and (ii) increase the aggregate working capital interim commitments as provided in the credit agreement to $300.0 million for a period not to exceed 364 days, after which the aggregate working capital interim commitments will automatically be reduced to $0. The exercise of the accordion feature increased the Partnership’s total commitment under the credit agreement from $1.5 billion to $1.8 billion. See Note 6 for additional information on the credit agreement.

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Basis of Presentation

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The accompanying consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025 reflect the accounts of the Partnership. Upon consolidation, all intercompany balances and transactions have been eliminated.

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The Partnership had no other comprehensive income (loss) for the periods presented, resulting in comprehensive income (loss) equaling net income (loss) in the accompanying consolidated statements of operations. Accordingly, the consolidated statements of other comprehensive income (loss) are not presented.

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The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition and operating results for the interim periods. The interim financial information, which has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025 and notes thereto contained in the Partnership’s Annual Report on Form 10-K.

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The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations that will be realized for the entire year ending December 31, 2026. The consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025.

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The significant accounting policies described in Note 2, “Summary of Significant Accounting Policies,” of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 are the same used in preparing the accompanying consolidated financial statements, including the following:

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Leases

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The Partnership, as lessee, has gasoline station and convenience store leases, primarily of land and buildings. The Partnership has terminal and dedicated storage facility lease arrangements with various petroleum terminals and third parties, of which certain arrangements have minimum usage requirements. The Partnership leases barges through various time charter lease arrangements and railcars through various lease arrangements. The Partnership also has leases for office space, computer and convenience store equipment and automobiles. The Partnership’s lease arrangements have various expiration dates with options to extend.

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Supplemental Information Related to Lessee Lease Arrangements

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The following table presents supplemental information related to leases for the periods presented (in thousands):

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Concentration of Risk

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Due to the nature of the Partnership’s businesses and its reliance, in part, on consumer travel and spending patterns, the Partnership may experience more demand for gasoline during the late spring and summer months than during the fall and winter months. Travel and recreational activities are typically higher in these months in the

geographic areas in which the Partnership operates, increasing the demand for gasoline. Therefore, the Partnership’s volumes in gasoline are typically higher in the second and third quarters of the calendar year. As demand for some of the Partnership’s refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, heating oil and residual oil volumes are generally higher during the first and fourth quarters of the calendar year. These factors may result in fluctuations in the Partnership’s quarterly operating results.

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The following table presents the Partnership’s product sales and other revenues as a percentage of the consolidated sales for the periods presented:

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The following table presents the Partnership’s product margin by segment as a percentage of the consolidated product margin for the periods presented:

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See Note 13, “Segment Reporting,” for additional information on the Partnership’s operating segments and a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.

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None of the Partnership’s customers accounted for greater than 10% of total sales for the three and six months ended June 30, 2026 and 2025.